The benchmark crude WTI gained 4.05% to settle at $71.34 per barrel in today’s trading session. Nonetheless, prices are still down more than 5% over the past five sessions after another round of rate hikes in the U.S. and Europe.
Additionally, today’s job numbers came in better than expected. Indeed, 253,000 jobs were created in April compared to projections calling for 178,000. Furthermore, the unemployment rate ticked slightly lower to 3.4%, below consensus estimates of 3.6%.
Meanwhile, natural gas climbed 1.71% to close at $2.137 per MMBtu. Prices have taken strong support at the $2 mark for nearly two months now, and one could expect a bounce back in the coming weeks. Latest numbers from the Energy Information Administration indicate natural gas inventory in the U.S. rose by 54 bcf to 2,063 bcf during the week ending April 21, 2023.
With persistent weakness in the energy sector, the United States Oil Fund ETF (USO) has corrected 4.8% over the past five days.
Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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